Funding latest26 Jul 2018 16:07
Anil Agarwal to raise up to $1.1 billion from foreign banks
Jul 26, 2018, 07.58 AM IST
MUMBAI: Billionaire Anil Agarwal, the owner of Vedanta Resources that has announced delisting of the resources conglomerate from the London Stock Exchange (LSE), will raise up to $1.1 billion from three or four foreign banks that could include Standard Chartered Bank and Credit Suisse.
Volcan Investments, the privately-owned company of the Indian metals maven, will use the funds to purchase the outstanding stock from public shareholders on the LSE, three people familiar with the matter told ET. Vedanta’s spokesperson in India did not respond to ET’s questionnaire till the time of going to press.
An email sent to Credit Suisse remained unanswered. Standard Chartered declined to comment.
The loans are likely to be of three-to-five-year maturities and would be priced after adding a spread, or mark-up, to the US dollar-based London Interbank Offered Rate (LIBOR). The spread may be in the range of 100 to 125 basis points.
https://m.economictimes.com/industry/indl-goods/svs/steel/anil-agarwal-to-raise-up-to-1-1-billion-from-foreign-banks/articleshow/65142330.cms